Yes
The first compound bow was made out of wood anyway.
[![enter image description here][1]][1]
The cams and could easily be made of metal, and that's the only thing made of modern materials, everything else is made of wood or simple metals.
They will not be common however, they would cost a fortune and they don't offer any real advantage over a crossbow and can't be made super compact like the modern ones. [1]: https://i.sstatic.net/h4LYH.jpg